Charts for Jan 5, 2024

Another mild down day. Nothing spectacular so far, but it still is the lowest close since early December.

Market charts:

* 374 SPX stocks in bullish mode. Another big downtick and dropping below 80%.
* BullsPower at 40, BearsPower at 3. Bulls are still strong enough to mount a serious rebound effort anytime.
* The daily Watershed (dW) at 4643 is within reach for a first test in months.

* BMO goes down with bearish divergence. This should be one of the first indicators to show a possible bottom.
* ELC is flattening out and could mark a major peak soon. This is not the fastest of indicators, more a confirming indicator. (note: a good system needs both)
* Repellor is at 4637, an important target to watch.

* SPX Rotator is declining and gathering more downside traction.
* The gap between red and green line will normally start shrinking.
* Market is right at the middle of the Bands (4694). This level could offer some (temporary?) support.

* SwX is yellow - neutral. May have peaked.
* Daily MoM goes down very steeply.
* Nowhere near giving signs of a tradeable bottom. A time to be patient.

* Icebergs algo is still in high mountain (+4) territory, but gold on the mountain has stopped.
* There is still "lava", which means the rally can not be declared over yet. The move could pick up stream again and surprise (nearly) everybody with another upswing.

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